The business plan has four essential components:
1. The profile: reflecting the true identity of the business, to be shared on the website, social media and other public communication.
2. The strategy: the roadmap of the business, an internal document covering the following aspects: legal, target audience, location, human resources, sales, marketing, workflow and other important considerations. This also focuses on the next targets and the exist strategy.
3.The analysis: products analysis, market trends, direct & indirect competition, SWOT analysis, PESTEL, etc
4. The financial: the related startup or development costs, the pricing strategy, the financial projections, valuation and other important financial projections like ROI, NPM, break even analysis, etc.
You can use the business plan in at least five different places:
1. Roadmap for the owners
2. Acquiring bank loans and credit facilities
3. Attracting investors: family, friends, angel investors, venture capitalists (VCs), crowd funding, etc.
4. Franchising the business: benefiting from the name and experience of the business and taking it to the global markets
5. Succession planning: taking the business from one generation to another to ensure its continuity.
The business plan gives you clarity and helps you stand out of the competition.
Jade W. Dagher
Business & Wealth Strategist
Certified Management Consultant ©